The proposed project consists of a trade finance facility of up to US$20 million for Bank of Kigali Plc (“BK”) with a maturity of up to 1 year. The investment falls under the IFC/MIGA Global Trade Finance Program initiative for which MIGA provides 99% counter-guarantee for IFC. The investment will support BK’s international trade business and enhance acceptability of Letter of Credits, Guarantees and other trade instruments issued by BK in favor of its Correspondent Banks.
From the IFC's website:
BK was established as an equal Joint Venture (JV) between Government of Rwanda (GoR) and Belgolaise S.A in 1967. Following Fortis Bank’s strategy of withdrawing its operations in Africa in 2005, the GoR acquired the Belgolaise S.A. share in 2007, thus increasing its shareholding in the Bank to 100%. In 2011, GoR sold a 45% stake via an IPO, leading to BoK’s listing on Rwanda Securities Exchange (RSE) and the Bank changed its name from Bank of Kigali S.A to Bank of Kigali Limited.
In 2017, the Bank underwent a corporate restructuring and became a wholly owned subsidiary of BK Group PLC (the “BKG”), a holding company. BKG is listed on the Rwanda Stock Exchange and the Nairobi Securities Exchange. BKG is owned by Rwanda Social Security Board (34.3%), Agaciro Development Fund (22%), international institutional investors (29.2%), local institutional investors (7.0%) and the remaining 7.5% by regional institutional and retail investors.
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